West Redmond Weekly Real Estate Buzz, August 31, 2007

The Friday real estate buzz for August 24-31st, 2007

(Data from NWMLS stats)

This week I have included the numbers from last week. This should make it easier to compare the activity from week to week. Last week's numbers are in red.

New listings: 2 (One received an offer in three days) (5)

Active Listings: 42 (48)

Sold subject to inspection: 4 (0)

Pending: 2 (2)

Closed Sales: 7 (1)


Number of Price Reductions: 8 (5)
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Number of homes available: 42 (48)

$350,000-$499,999: 4 (4)

$500,000-$749,999: 23 (27)

$750,000-$999,999: 11 (11)

$1,000,000- $1,499,999: 4 (5)

$1,500,000- $2,999,999: 1 (1)
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Average Price: $729,673 ($728,271)

Median Price: $650,000 ($650,000)

Average Days on Market: 62 (56)

Highest Priced Listing: $1,595,000 ($1,595,000)

Lowest Priced Listing: $398,000 ($399,660)



My analysis of this week's buzz: There is a bit of discrepancy in the numbers, because I noticed one listing is really not in the 98052 area of Redmond around Microsoft, the area reported here. Occasionally agents will post listings in an another area in the hopes of generating more interest. The number of listings from last week included this listing, which is truly not listed in the correct area.


Even in this market, a home can sell quickly, if it is priced right according to the competition. The new listing, which immediately received an offer, is a newer style two story built in the early 1990's by Camwest. It is located at the end of a cul-de-sac within a few minutes drive to Microsoft.


Activity is different than last week. There were less homes listed, which is good news for sellers. Also, the number of homes sold subject to inspection and pending this week is substantially higher than last week, with 6 vs. 2 sales. However, the prices of 8 homes were reduced this week. Price reductions fell in price ranges all over the map, from just about the $400,000 range to a home priced over $800,000.


The closed sales ranged from a $450,000 home in the Meadows to a high of $1,640,000 for a waterfront home on Lake Sammamish. These homes generally sold about 30 days ago.


Let me know if you have any questions or comments about the real estate buzz for this week.

The Gems of Redmond, WA-Catch The Last Breath of Summer at Idylwood Park

Catch the last breath of summer, before having to get back to reality, over at Idylwood Park in Redmond on the shores of Lake Sammamish at 3650 West Lake Sammamish Pkwy NE. Idylwood Park's 18 acres offers some of the best public spots along the lake.

There's a nice sandy beach with a lifeguard and a snack shack

a wonderful play structurevolleyball courtscovered picnic tables and huge open areas for fun

When I stopped by on Thursday, there was a group of guys throwing a frisbee around and someone fishing.

Nature is alive and well here in the park. There is a beautiful stream that empties into the lake. Ducks could been seen walking across the park and cruising the lake.

The City of Redmond has a full list of all the activities available at the park. Take advantage of the last days of summer and enjoy!

Meet and Greet Your Teacher Today at Ben Rush and Audubon Elementary

Stop by Ben Rush Elementary today to meet your child's new teacher. Come by the school between 2-3 PM today for your introduction.

Ben Rush Elementary
6101 152nd Ave NE
425-881-6047

Head over to Audubon Elementary at 12 Noon today.
3045 180th Ave NE
425-881-9578

West Redmond Weekly Real Estate Buzz, August 24, 2007

Your neighborhood buzz for August 17-24th


New listings: 5

Active Listings: 48

Sold subject to inspection: none

Pending: 2 , one at $549,000 and one at $1,450,000

Closed Sales: 1 at $585,000 with a list price of $599,950

Number of Price Reductions: 5
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Number of homes available: 48

$350,000-$499,999: 4

$500,000-$749.999: 27

$750,000-$999,999: 11

$1,000,000- $1,499,999: 5

$1,500,000- $2,999,999: 1
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Average Price: $728,271

Median Price: $650,000

Average Days on Market: 56

Highest Priced Listing: $1,595,000

Lowest Priced Listing: $399,600


There was some new activity this past week with 5 new listings and 5 price reductions. Three of the 5 price reductions were for new construction homes. This signals a bit of a change in the market, since it's been rare that builders have reduced any inventory. One of the other price reductions is for a resale home that came back on the market newly priced at $20,000 less than the previous list price. This home was also mentioned last week as one of the homes that had sold, but had come back on the market again. Another listing had an offer and also came back on the market.

What were the chances of selling a home in West Redmond in July, 2007?

Sellers had a 33% chance of selling a home in West Redmond in July, 2007.
(statistics obtained from MLS and Windermere data. Sales are pending, not closed sales)


I mentioned in last month's report the sales activity was coming back down to earth and it has now landed! Although inventory in the area is the second lowest on the Eastside, it has increased dramatically from the first of the year. There are double the amount of homes available than in January. We have gone from 107 listings to 205 listings. We are now seeing some price reductions. Market time has also increased dramatically since the first of the year. In my first Friday real estate buzz posted last week, I mentioned market time is now 56 days. The market is moving more into a buyer's market for the first time this year.

For the full Eastside buzz on all the neighborhoods, you can check out www.eastsiderealestatebuzz.com

Introducing: West Redmond Weekly Real Estate Buzz

Everyone wants to know the latest real estate happenings in the neighborhood. Here is the answer. If you follow the numbers listed here each week, it will be easier to understand the market trends specific to the Redmond neighborhoods near Microsoft. There are overall trends in real estate, but not all neighborhoods perform in exactly the same way at the same time. Here is your chance to see this Redmond activity on a weekly basis.

If you look at the articles every Friday you will find:

total number of homes for sale
Number of homes available in each price range
Most expensive home for sale
Least expensive home for sale
if inventory is up or down from the previous week
Number of homes receiving offers that week (pending or sold subject to inspection, STI)
Number of closed sales
Average days on the market
Number of price reductions
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The West Redmond weekly real estate buzz for the week of August 10-17th ( 8:30 AM)

Active: 47 homes

0-$499,999: 2

$500,000 - $749,999: 29

$750,000 - $999,999: 8

$1,000,000 - $1,499,999: 5 ( All new construction off NE 40th)

$1,500,000 and above: 2

Least expensive home: $399,600

Most expensive home: $1,850,000

Pending sales: 1 at $649,900

Closed sales: 2

1 closed at $735,000, final list price was $750,000, original list price was over $800.000

1 closed at $760,000, final list price was $760,000

New listings: 6

Average days on the market: 56

Price reductions this week: 4

My general impressions: Of the 48 homes listed, there are a total of 13 price reductions, including the 6 homes reduced this week. During the time I have been working on this report, 1 home listing, which is not included in the total active listings, went off the market.

The "bread and butter" price range for the area is the $500-$750,000 price range as this is the range for most of the inventory. Homes above $1,000,000 tend to be new construction or waterfront. There is one home priced at $1,595,000 that is not new construction or waterfront, but it is also 5300 square feet.

But the real eye opener for me was 7 homes of the 47 active listings have had offers and are back on the market. Two homes had two offers that flipped on inspection. Two of the other fail sales were new construction homes that are not complete.

Does this mean these homes had more problems or did the buyer's simply back out? It can mean one of three things, the buyer and seller could not agree on inspection items, there was a problem with the home or the buyer backed out for reasons we may never know. Maybe that buyer got cold feet, lost a job or their financing. If there were problems with the home, then the seller would need to disclose the identified problems to the next buyer.

I wonder if we will see more fail sales with the change in lending.

I will be following this activity in this blog. Let me know if there is anything else you would like me to research.

Another Sunday Evening in Redmond With Great Food and Wine

Spazzo's is alive and well and living on the second level of the Redmond Town Center. Spazzo's is a long time eastside restaurant that was located in The Key Bank Building in downtown Bellevue for many years. It was a central Bellevue hot spot with great views of Seattle and the Olympics from its top floor location.

The restaurant had to move a few years back when the building owners decided to convert their restaurant space. (The space is now the showroom for Bellevue Towers condos)

Happily, the restaurant is now living in Redmond. Spazzo's took over the space once used by Cucina, Cucina. As many of you locals know, Spazzo's is part of the home grown Schwartz Brothers chain of restaurants. The chain includes such restaurants as Daniel's Broiler and Chandler's Crabhouse.

The restaurant's newest rendition is as an Italian restaurant and wine bar. On Sunday evenings all bottles of wine under $100 are priced at half off, a good deal with a great meal! I spoke with Spazzo's sommelier and he recommended some great wine choices.

The restaurant is designed with some wonderful spaces. This time of year you can enjoy their extensive covered patio.

Inside is a large bar area and a main dining room, complete with white table cloths.

Oh, the food. I had a wonderful salmon dish with heirloom tomatoes and a salsa verde. On another occasion, I had the gnocchi with heirloom tomatoes. (I cannot get enough of heirloom tomatoes in the summer)

Garage Sale- View Ridge Near Microsoft

Come on Down!

Saturday, August 10th from 10 AM to 4 PM.

Three home garage sale in View Ridge.

Stop by 5518 157th Drive NE for the latest treasure!

Furniture
Electronics
Clothes
Sporting goods
Dishes
Cookware

What a way to spend a Sunday evening in Redmond: Good food and Great Prices

One of my favorite places in Redmond to eat is in downtown Redmond at Typhoon. This is a great Thai restaurant that began in Portland and has two outposts in the Seattle area, one is in the first Wild Ginger location in downtown Seattle and the second is in downtown Redmond at the Bella Bottega Shopping Center. On Sunday nights in Redmond location, there is a Happy Hour menu for some drinks and food that extends through the evening. I've gone with my husband a few times and had a relaxing meal out on their patio. They have a few of the favorites on the Happy Hour menu, such as their calamari, veggie spring rolls, chicken satay, along with such "Thai staples" as a burger with papaya salad on the side.

You can still order from the full menu. Some of my favorites are their Death By Asparagus dish, their Crab Phad Thai. Spicy Beef with Grapes, and their eggplant dish.

Since it is a beautiful Sunday, head on down this evening for dinner. Enjoy!